Fox News signs licensing deal with Ruthless podcast

NEW YORK - Fox News announced Tuesday it has reached a licensing agreement with the Ruthless podcast as part of a new media expansion effort. The conservative-oriented podcast will join Fox News Media’s existing podcast lineup. The move comes as Fox Corporation (FOXA) continues to demonstrate strong financial performance, with revenue growing 15.7% over the last twelve months and maintaining a robust market capitalization of $25.3 billion.

As part of the organizational changes, Porter Berry, who currently serves as President and Editor-in-Chief of Fox News Digital, will add New Media to his responsibilities while continuing to oversee the digital division. Berry will report to CEO Suzanne Scott and President & Executive Editor Jay Wallace.

"The Fox News Media ecosystem we have built over the past seven years continues to thrive and set new records, and the Ruthless deal is a natural extension of our powerhouse brand," Scott said in the press release.

Ruthless, which launched before the 2020 presidential election, is co-hosted by Cavalry consulting firm founding partners Josh Holmes, Michael Duncan and John Ashbrook, along with Shashank Tripathi, known as "Comfortably Smug." According to the company, the podcast has become a significant news source for men aged 18-45 seeking political information.

The podcast hosts will also serve as Fox News contributors under the new arrangement.

John Sylvester will continue as Senior Vice President of Fox News Audio, overseeing editorial, production and operations for news-based podcasts, including the Fox News Rundown.

Fox News Digital has reported 51 consecutive months as the top news brand in multiplatform minutes, reaching an average monthly audience of 134 million unique visitors in May, according to the company statement. This digital success is reflected in the company’s overall financial health, which InvestingPro rates as "GREAT" with a score of 3.14. The company trades at an attractive P/E ratio of 12.7, suggesting potential value for investors. For deeper insights into Fox Corporation’s valuation and growth prospects, including 8 additional key ProTips, check out the comprehensive Pro Research Report available on InvestingPro.

In other recent news, FOX Corporation reported a robust financial performance in its third fiscal quarter, with a 27% year-over-year revenue increase to $4.37 billion, surpassing estimates from UBS and the consensus on Wall Street. The company’s EBITDA for the quarter was $856 million, exceeding projections despite a 4% decline from the previous year. The adjusted earnings per share came in at $1.10, higher than both UBS’s and the Street’s forecasts. Wolfe Research recently upgraded FOX’s stock rating from Underperform to Peer Perform, citing reduced recession fears and strong sports advertising demand. Meanwhile, CFRA downgraded FOX from Buy to Hold, pointing to valuation concerns and forecasting a lull in advertising revenue until the NFL season starts. UBS maintained its Buy rating with a $61 price target, emphasizing FOX’s strong free cash flow and share repurchase activities. Bernstein maintained a Market Perform rating, highlighting FOX’s solid revenue growth and strategic success in streaming through Tubi. Loop Capital raised its price target to $64 and reaffirmed a Buy rating, crediting FOX’s consistent outperformance in affiliate revenue growth and strategic focus on news and sports content.

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